Financial Performance Highlights

Q2 FY27 Performance (Consolidated)

  • Revenue from Operations: ₹912.9 Mn, up 124% YoY (Q2 FY26: ₹407.6 Mn) and 33% QoQ (Q1 FY27: ₹685.9 Mn)
  • Gross Profit: ₹495.7 Mn, up 143% YoY
  • Gross Profit Margin: 54.3% (Q2 FY26: 50.0%, Q1 FY27: 49.0%)
  • EBITDA: ₹232.3 Mn, showing turnaround from loss of ₹79.9 Mn in Q2 FY26
  • EBITDA Margin: 25.4% (Q2 FY26: -19.6%)
  • PAT: ₹64.6 Mn, showing turnaround from loss of ₹196.2 Mn in Q2 FY26
  • PAT Margin: 7.1% (Q2 FY26: -48.1%)

H1 FY27 Performance (Consolidated)

  • Revenue from Operations: ₹1,598.7 Mn, up 199% YoY (H1 FY26: ₹535.4 Mn)
  • Highest ever H1 revenue achieved
  • PAT: ₹38.7 Mn, showing turnaround from loss of ₹431.7 Mn in H1 FY26
  • PAT Margin: 2.4% (H1 FY26: -80.6%)
  • Executed over 50% of FY27 opening order book

Balance Sheet Position (as of September 30, 2026)

  • Total Equity: ₹10,951.3 Mn (March 31, 2026: ₹5,990.4 Mn)
  • Equity Share Capital: ₹497.2 Mn (March 31, 2026: ₹432.8 Mn)
  • Total Assets: ₹11,897.4 Mn (March 31, 2026: ₹7,987.2 Mn)
  • Cash and Cash Equivalents: ₹866.5 Mn (March 31, 2026: ₹329.5 Mn)
  • Other Bank Balances: ₹1,026.4 Mn (March 31, 2026: ₹63.6 Mn)
  • Trade Receivables: ₹1,610.5 Mn (March 31, 2026: ₹1,262.2 Mn)
  • Inventories: ₹1,550.0 Mn (March 31, 2026: ₹1,431.1 Mn)
  • Borrowings: Reduced to nil (March 31, 2026: ₹721.3 Mn)

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: -₹780.4 Mn (H1 FY26: -₹302.8 Mn)
  • Cash Flow used in Investing Activities: -₹2,783.1 Mn (H1 FY26: ₹211.4 Mn)
  • Cash Flow from Financing Activities: ₹4,095.1 Mn (H1 FY26: ₹250.9 Mn)
  • Net increase in Cash & Cash equivalents: ₹531.6 Mn

Business and Operational Updates

Order Book and Execution

  • Company executed over 50% of its FY27 opening order book in H1
  • Facing persistent global supply chain constraints and delays in customer approvals for deliveries
  • Taking measures to minimize impact on operations and deliveries

Product Development Advances

  • Development of hybrid variant of ZOLT with internal combustion engine for extended range and endurance
  • Launch of ZOLT combat variant
  • Progress on ZOLT to achieve 6+ hours endurance with 100 km range
  • Productization milestone completion for ZOLT electric
  • Experiments with Air Launched Effects and developments on seeker and loitering munition platform technologies
  • Expansion beyond ISR into combat applications for defense

FLYGHT Platform Developments

  • Production release for automated stockpile monitoring and report generation
  • Mobile and web app improvements for DaaS flight request and live video streaming capabilities
  • Edge AI deployment for object detection, classification and tracking
  • Improved payload image quality using auto-focus, image super resolution and automated thermal calibration

Technology Initiatives

  • Development of higher antenna CRPA configurations for better jamming rejection
  • Fusion of inertial navigation, visual SLAM and satellite matching for improved resilience
  • Continued testing and tuning of YETI logistics UAV TD0
  • Initiated indigenous development of key propulsion system elements for YETI TD1 with partners

Market Opportunities

Defense Procurement Pipeline

  • Estimated ₹200 Bn opportunity under Fast Track Procurement (FTP) program across ISR and combat UAV categories
  • First RFP at advanced stage of evaluation
  • Defence Acquisition Council (DAC) cleared proposals worth ₹2,120 Bn including programs for:
  • Long Range UAS
  • Surveillance UAV
  • Integrated Surveillance and Strike Systems
  • Long Range Kamikaze Drone Systems
  • RFPs for these opportunities expected soon
  • Enhanced financial powers delegated to field commanders under DFPDS 2026 expected to drive higher procurement activity

Management Commentary

CEO emphasized that investments in new product and technology development have converted into multi-fold revenue generation versus invested value. Sustained and growing investment in product development is seen as a strong sign of exponential growth potential.

Company Overview

  • 19+ years in UAV design and deployment
  • Founders started making UAVs in 2004
  • End-to-end control of hardware and software
  • 50%+ workforce in Technology & Product Development
  • Indigenous development of autopilot, communication systems, payloads, and software

Key Management Team

  • Ankit Mehta - CEO and Whole time Director (B.Tech M.E., M.Tech IIT Bombay)
  • Rahul Singh - VP-Engineering and Whole time Director (B.Tech M.E. IIT Bombay)
  • Ashish Bhat - VP-R&D and Whole time Director (B.Tech E.E. IIT Bombay)
  • Vipul Joshi - CFO and Whole time Director (B.Com, MBA)
  • Nilesh Jaywant - Company Secretary and Compliance Officer

Board of Directors

  • Srikanth Velamakanni - Chairman & Independent Director (Fractal Analytics co-founder)
  • Mathew Cyriac - Non-Executive Nominee Director (formerly Blackstone Advisors)
  • Sutapa Banerjee - Independent Director (formerly Royal Bank of Scotland, ABN AMRO Bank)
  • Vikas Balia - Independent Director (Designated Senior Advocate in Rajasthan High Court)